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this post was submitted on 03 Nov 2023
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If you already have a bit of capital, a high yield savings account. Just park your money there instead of a regular savings account.
Short term can be defined many ways. For some, a year can be considered short term. And depending on how much you deposit, you can get good returns as early as 6 months.
Good point. After the heat death of the universe, we can conclusively say that the single-digit percentage rates gave humans a relatively decent amount of money over their lifetimes. Comparatively.
I mean, I never said it's life changing money. OP's question was about different ways to get money, and earning interest off of your savings in a high yield savings account gets you some money with almost no effort. Not to mention it's better than having your money sit in a regular savings account earning 0.05% or something. It's a pretty good way to save up for something in the short term, like if you plan to buy a new laptop or phone in a few months.
What percentage of returns can someone expect from these? What amount of parked money would it take to see 1k per year?
It can range from between 4% and 5%+. Per nerdwallet, the highest they have listed is 5.07%. I'm not good at math and how bank rates work, but you can probably try computing based on those percentages.
Is it Zopa that provides what I can only describe as collective loans and high interest rate deposits? Not in a bank way.
I think there are other names too.
Because the risk would appear higher the rates are higher too.